Home Highlights January 2013 Year 2013 This

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1. Disallowing claim of expenditure - non-carrying of business activity during the year under reference - The case involved an appeal by an assessee against the...

2. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

3. Nature of receipts - interest earned on FDs during the year was prior to commencement of business - The Appellate Tribunal referred to a previous decision involving the...

4. Disallowance of revenue expenses u/s 37(1) - relevant Assessment Year - The actual acquisition of the land may be a first step in the commencement of the business but...

5. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

6. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

7. Allowable business expenses - There is difference between commencement of the business and setting off of the business. All the expenses incurred pre-commencement are to...

8. Assessment u/s 153A - unabated assessments - the assessments of the assessment years falling within the period of above said six years which are not pending, i.e., which...

9. Addition made towards receipt Assignment of Fee - Assessee has withdrawn amount from Escrow account and utilized for its business purpose - Although, there is a timing...

10. Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

11. Substitution of new section for section 153B- Time limit for completion of assessment under section 153A. - The limitation for completion of assessment under section...

12. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

13. Assessment framed u/s.153A - computation of period of 6 years / 10 years in search cases - amendment of provisions of section 1153A(1)(b) - while computing ten...

14. Unverifiable purchases - Merely maintaining the books of accounts and not giving a plausible explanation regarding the purchases, the same cannot be stated that it is...

15. Validity and scope of remand order of ITAT - At this stage, the learned counsel for the assessee contended that the Tribunal did not specify the years for which the...